Multiple adults on one lease

[Ryan Wede]

I currently have a SFR with 4 tenants in the unit. 2 of them plan on leaving and the other 2 want to renew the lease. I have a couple questions about the transfer to the 2 tenants that want to stay. Current deposit? If only 2 are staying how do I inspect the unit and determine what deposit to give back? Also I plan on asking the current 2 tenants that want to stay for another deposit. Is that alright? Background check? I did one a year ago on all 4 of them but should I do another one on the 2 that are staying? I am wonder if they can afford it on their own. Thanks for any feedback.

[Kim Meredith Hampton]

As long as the current two tenants can afford the rent on their own, you let the two tenants renew the lease. The deposit stays with the unit until the end when everyone has vacated. I would have the two tenants leaving sign a letter that they are leaving and transferring their part of the deposit to the two tenants remaining in the home. It is the responsibility between the four of them to figure out how to give them back their position of the deposit. Don't let them put the burden back on you.

I never run a credit/background again unless you feel that they wont qualify.